On the 23rd of April 2024, the European Parliament’s plenary session adopted the European Parliament’s first reading positions on the PSR. The provisional agreement on the proposal was adopted with 511 votes in favour, 22 against, and 75 abstentions.

The European Commission PSR text includes payments by electronic money tokens (EMTs) within its scope. The Parliament’s first reading position keeps this inclusion in scope, but amends Recital 29 as follows: ‘MICA lays down that electronic-money tokens shall be deemed to be electronic money for the purposes of that Regulation. To avoid duplicative requirements, it is important that the provisions of this Regulation clearly set out the instances where electronic money tokens should instead be subject to this Regulation.’ This is clarified at Article 2(2), which lists the services not covered by the Regulation, where the following subparagraph has been added: ‘payment transactions used for the execution of trading and settlement services using electronic money tokens as defined in Article 3(1), point (7), of MICA, where the payment service provider has already been authorised as a crypto-asset service provider in a Member State for those services under Title V of that Regulation;’.